Innovation PEI
Innovation PEI is the provincial economic development agency of Prince Edward Island, delivering 34 funding, advisory, and export-support programs to local startups, growing businesses, and arts and culture organizations across the province.
- Company typePrivate
- Founded2014
- HeadquartersCharlottetown, Canada
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Innovation PEI does
Innovation PEI is the provincial economic development agency of Prince Edward Island, operating as a crown entity under the Department of Economic Development, Innovation and Trade. Its mandate is to build a vibrant, diverse, and growing PEI economy by providing funding, expertise, and support to local businesses, entrepreneurs, and the arts and culture sector. The agency served 1,505 business projects in 2024 through a workforce of 46 staff distributed across the province, including Business Development Officers, Trade Development Officers, and a Cultural Development Team.
The agency's product surface is a portfolio of 34 distinct business-support programs rather than a unified technology platform. Core offerings include the Ignition Fund (seed capital for innovative startups), the Export Enhancement and Diversification Fund (non-repayable assistance covering up to 60% of eligible export costs to a maximum of CAD 32,000), the Equity Investors Incentive, the Prince Edward Island Film Production Fund, the PEI Art Bank and Indigenous Art Bank acquisition programs, the annual PEI Arts Awards, the Business Navigator service (regulatory support under Project ART), and the Small Business Webinar Series. There is no proprietary technology stack; the offering is delivered through direct in-person advisory by field staff, supported by a website (innovationpei.com), Instagram, email newsletters, webinars, and earned media through government news releases.
The business model is government-funded program delivery. Innovation PEI receives annual appropriations from the Province of Prince Edward Island plus additional funding from the Government of Canada (e.g., CAD 855,000 federal contribution to the PEI IT Alliance in February 2025 alongside CAD 712,500 provincial). Customer segments span startups, expansion-stage businesses, export-ready firms, and the arts and culture sector (including over 400 professional artists and creative organizations funded over the past five years). The go-to-market is sales-led direct advisory, segmented by business lifecycle stage, with no commercial pricing model — programs are either non-repayable grants, subsidized advisory, or quasi-regulatory services delivered to eligible PEI-based recipients.
Innovation PEI firmographics
Firmographics- Name
- Innovation PEI
- Legal name
- Innovation PEI
- Website
- https://innovationpei.com
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Innovation PEI is the provincial economic development agency of Prince Edward Island, delivering 34 funding, advisory, and export-support programs to local startups, growing businesses, and arts and culture organizations across the province.
- Ownership category
- akta.pro rank
Innovation PEI industry classification
Industry- Product category
- Economic Development Services
- NAICS
- Educational Support Services (611710)
- SIC
- Investors, Nec (6799)
- akta.pro primary industry
- Economic Development & Business Licensing (Local) (BPAIACAN)
- akta.pro secondary industries
- Entrepreneurship & Small Business Workforce Programs (EDAAAOAM), Social Entrepreneurship & Impact Business (EDAMAHAK), Education Access & EdTech for Equity (Low-cost Learning, Skills Platforms) (BPAGALAH)
Keywords
Where Innovation PEI is headquartered
LocationHeadquarters
- HQ city
- Charlottetown
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
Innovation PEI business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D
Revenue model
- Government Funding and Program Delivery: Innovation PEI operates as a provincial government agency funded through government appropriations to deliver economic development programs, business support services, and export facilitation to Prince Edward Island businesses.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | One time/ perpetual license | Export Enhancement and Diversification Fund |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels7 records
Innovation PEI product offering
Product offeringCore offering
Innovation PEI is the provincial economic development agency of Prince Edward Island that delivers a portfolio of 34 business support programs. It provides seed funding (Ignition Fund), non-repayable export assistance (Export Enhancement and Diversification Fund), equity investment incentives, arts and culture support (PEI Art Bank, Indigenous Art Bank, PEI Arts Awards, Indigenous Arts Grants), film industry incentives, regulatory navigation (Business Navigator Service), and educational webinars to businesses across the province.
Product overview
Innovation PEI is a provincial government economic development agency that provides a comprehensive suite of business support programs and services rather than a unified software product. The portfolio includes startup funding programs (Ignition Fund), export assistance (Export Enhancement and Diversification Fund, Launch Export Program), equity investment tools (Equity Investors Incentive), arts and culture support (PEI Art Bank, Indigenous Art Bank, PEI Arts Awards, Indigenous Arts Grants), film industry support (PEI Film Production Fund), regulatory navigation (Business Navigator Service), and educational resources (Small Business Webinar Series, PEI Tariff Response). These programs work together to support businesses across their lifecycle from startup through expansion and export.
Differentiator
Problem solved
Functional benefit
Products and services
- Ignition Fund A competitive-based seed capital fund providing startup funding to entrepreneurs seeking capital for new innovative business ventures or to develop and launch new innovative products in Prince Edward Island.
- Export Enhancement and Diversification Fund Provides non-repayable assistance covering up to 60% of eligible costs, to a maximum of $32,000, for PEI businesses looking to expand into export markets.
- Equity Investors Incentive Provides new and expanding businesses in Prince Edward Island with tools to attract equity investment.
- PEI Art Bank Acquisition A working collection established in the early 1980s that supports and encourages visual artists in Prince Edward Island, with items displayed in public buildings.
- Indigenous Art Bank Acquisition Program initiated in 2021 to celebrate, highlight, support and encourage the artistic accomplishments of the Mi'kmaq people of Epekwitk (Prince Edward Island).
- PEI Arts Awards Annual awards program celebrating artistic merit and excellence, with categories including Artist of the Year, Emerging Visual Arts Bursary, Cultural Connector of the Year, Organization of the Year, and Premier's Award for Stand-Out Project.
- Business Navigator Service A personalized support service within Project ART (Addressing Red Tape) that helps entrepreneurs navigate provincial regulatory challenges associated with starting, owning, operating, and growing a business in PEI, including starter guides for Provincial Business Registration, Food Premises, and Tourism Accommodation.
- Prince Edward Island Film Production Fund
- Indigenous Arts Grants Financial support program for Indigenous artists in Prince Edward Island, part of the broader arts and culture support initiatives.
- Launch Export Program
- Small Business Webinar Series
Quantifiable outcome
- 1,505 business projects supported in 2024
- +3 more outcomes
Companies that use Innovation PEI
Customer profileNamed customers10 records
Segments5 records
Ideal customer profiles5 records
Innovation PEI technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Innovation PEI partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core and minor.
- PEI IT AlliancecoreThe PEI IT Alliance represents the tech industry and startup community in Prince Edward Island. The Canadian government invested $855,000 and the province contributed $712,500 to support the tech ecosystem, providing mentorship, facilities, and networking opportunities.
- MitacscoreMitacs is a national not-for-profit organization that builds collaborative partnerships between Canada's private sector and post-secondary institutions to drive innovation. Innovation PEI invested $400,000 over two years to make Mitacs programs and funding accessible to PEI businesses, not-for-profit organizations, municipalities, and healthcare facilities. The partnership connects local companies with academic expertise and skilled talent through work-integrated learning programs.
- Telefilm CanadaminorTelefilm Canada is a federal cultural agency that supports the Canadian film and television industry. The agency provides funding support for film productions in Prince Edward Island, including The Snake feature film produced by Club Red Productions.
- Charlottetown Harbour AuthoritycoreCharlottetown Harbour Authority jointly owns PortCon with Harbourside Engineering Consultants. PortCon is a web-based application for cruise itinerary planning and port operations, developed initially for Port Charlottetown as a proof of concept.
- Harbourside Engineering ConsultantscoreHarbourside Engineering Consultants, represented by professional engineers Greg MacDonald and Ron Keefe, jointly owns PortCon with Charlottetown Harbour Authority. The firm provides engineering expertise for the development of the cruise industry web application.
- Department of Economic Development, Innovation and TradecoreInnovation PEI operates within the provincial government's Department of Economic Development, Innovation and Trade, coordinating delivery of business support programs and initiatives including the Business Navigator service (Project ART).
- Interministerial Women's SecretariatminorInnovation PEI partnered with the Interministerial Women's Secretariat to launch Gender-Based Violence Prevention Arts Grants, providing financial support for artistic projects raising awareness of gender-based violence.
- PEI BioAllianceminorPEI BioAlliance is a biotech industry network that Innovation PEI works with to support the bioscience sector. The organization distributes information about funding opportunities like the Ignition Fund to its members.
Scale indicators8 records
Recent moves6 records
Expansion highlights6 records
Innovation PEI competitors and assessment
Company assessmentBroad incumbents
- Atlantic Canada Opportunities Agency (ACOA): Federal regional development agency covering the same Atlantic provinces as Innovation PEI, providing funding and business support. Directly comparable as the federal counterpart; Innovation PEI is the provincial delivery agent for many ACOA-aligned programs.
- Business Development Bank of Canada (BDC): Federal Crown corporation providing financing, advisory, and capital to Canadian SMBs including those Innovation PEI serves. Comparable as a publicly-funded business-support institution offering funding and mentorship across Canada, including in PEI.
- MaRS Discovery District: Large-scale Canadian innovation hub providing startup advisory, venture services, and ecosystem programming. Adjacent comparator for the mentoring, pitch training, and ecosystem-building functions Innovation PEI delivers at smaller scale.
Direct peers
- Nova Scotia Business Inc. Provincial economic development corporation of Nova Scotia offering funding, export assistance, and business advisory services to local firms. Closely comparable mandate and program structure (startup funding, export support, sector investment) for an Atlantic Canadian neighbor.
- Opportunities New Brunswick (ONB): Crown corporation driving economic development in New Brunswick, providing financial incentives, export support, and business advisory services. Same operating model as Innovation PEI at a neighbouring Atlantic province.
- Invest Alberta Corporation: Alberta's provincial investment and economic development agency attracting and growing companies through incentives, advisory, and trade services. Comparable business-attraction, investment-incentive, and trade-mission functions.
- Innovate BC: British Columbia's Crown agency supporting startups, commercialization, and innovation programs across the province. Comparable as a provincially funded innovation and entrepreneur-support agency.
Others
- Mitacs: National not-for-profit that partners with Innovation PEI ($400K, 2022) to deliver work-integrated research and talent programs to PEI firms. Comparable as a co-funded research-to-commercialization intermediary, not a direct competitor.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
Innovation PEI social profiles
Digital presenceInnovation PEI financial estimates
Financial estimateRevenue estimate
Valuation estimate
Innovation PEI leadership team
Management profileNumber of profiles
Profiles10 records
Innovation PEI funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Innovation PEI M&A and investment
M&A and investmentM&A
Investments10 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Innovation PEI
What does Innovation PEI do?
Innovation PEI is the provincial economic development agency of Prince Edward Island that delivers a portfolio of 34 business support programs. It provides seed funding (Ignition Fund), non-repayable export assistance (Export Enhancement and Diversification Fund), equity investment incentives, arts and culture support (PEI Art Bank, Indigenous Art Bank, PEI Arts Awards, Indigenous Arts Grants), film industry incentives, regulatory navigation (Business Navigator Service), and educational webinars to businesses across the province.
Is Innovation PEI a public or private company?
Innovation PEI is a private company. It is classified as state government owned and is currently operating.
When was Innovation PEI founded?
Innovation PEI was founded in 2014. It employs 1 to 10 people.
Where is Innovation PEI based?
Innovation PEI is headquartered in Charlottetown, Canada, in the North America region.
How does Innovation PEI make money?
One revenue line is on record: government Funding and Program Delivery.
Who are Innovation PEI's main competitors?
Broad incumbents on record are Atlantic Canada Opportunities Agency (ACOA), Business Development Bank of Canada (BDC) and MaRS Discovery District. Direct peers are Nova Scotia Business Inc., Opportunities New Brunswick (ONB), Invest Alberta Corporation and Innovate BC. Mitacs is listed as an others.
Does Innovation PEI have an API?
No public API is recorded for Innovation PEI.
What industry is Innovation PEI in?
Innovation PEI's product category is Economic Development Services. Its primary akta.pro industry code is BPAIACAN, Economic Development & Business Licensing (Local), with a secondary code of EDAAAOAM, Entrepreneurship & Small Business Workforce Programs. Its NAICS code is 611710 and its SIC code is 6799.